Bridgepoint's Cyrus Group buys V2A Patrimoine

The deal aims to build up Paris-based Cyrus's presence in the western region of France.

V2A Patrimoine's three owners have invested in Cyrus as part of the deal and plan to support the development of the company within the group.

The acquisition was financed wholly through cash from the company's balance sheet.

Bridgepoint bought a minority stake in Cyrus in March 2020, with the company's management team retaining the remaining 72% stake in the business, having acquired BlackFin Capital Partners' minority stake in the company in March 2018. The deal valued Cyrus at around €190m, equivalent to 12.5x its 2019 EBITDA of €15m, according to press reports at the time. The company generated 2019 revenues of €50m.

Bridgepoint invested via Bridgepoint Development Capital III, which held a final close in June 2016 on £600m. The fund makes both majority and minority investments, deploying equity tickets of £20-75m.

Unquote sister publication Debtwire reported in December 2019 that the investment would be backed by a 5x unitranche package from Ardian, implying a debt size of €75m.

Company
Founded in 2005, V2A Patrimoine provides asset management consulting services in areas including real estate, tax, insurance and retirement preparation. Based in Nantes and with an additional office in Vannes, the company generated revenues of €1.4m in 2019.

People
Cyrus Group – Meyer Azogui (CEO).
V2A Patrimoine – Fabien Annet, Bertrand Vigier (managing directors).
Bridgepoint – Bertrand Demesse, Olivier Nemsguern (partners); Jean-Baptiste Salvin (director).

Advisers
Acquirer – Fiducial Legal by Lamy, Eric Baroin, Laura Demarais, Sébastien Ardillier, Alexandre Panart (legal); Exco (financial due diligence).
Vendor – Parthema Avocats, Rodolphe Pesneau, Quentin Perbet-Verniau (legal).

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• Topics
• Portfolio management
• France
• Financials
• Bridgepoint
• France
• Build-up